I have it advertised to rent now and I've got someone who is potentially interested in purchasing the house outright or doing a lease option. my questions are:1.) if I sell it out right, only having owned it for 4 months will I get slammed with self employment tax and regular income tax and not be eligible for 1031 exchange. or could I still call it an investment property and be able to 1031 because my intent was to rent it?

With the out of state investing, you'll likely need to file a non-resident return in any state where you invest and earn income if they have an income tax, and may want to talk to your CPA about making estimated payments to that state. 

1) Primary home - GA - titled to me - Trust or LLC or both2) Secondary home - GA - titled to spouse - Trust or LLC or both3) Rental property - GA - titled to me - 4) Savings/CD Accounts - 1M - GA 5) W2 income  (self and spouse)Thanks,Vidit

Whether you're aiming for short-term gains or long-term passive income, the choice between flipping and renting can significantly impact your financial goals.

So $100K is “profit” or “income”.The $100K income will come from total investor distributions over the 5 year hold plus a shares of the profits due to an increase in value. 

LTR may be more consistent income, there's pros and cons to both.  

Very Rough Math:Purchase: $400k   PITI: $3200  FHA Loan: $14k downRent: Side A $1800  Side B $1200  (you occupy one bedroom in side B)Total Income: $3,000Live for free (nearly), enjoy 4% appreciation ($16,000) each year and principal paydown!

Meaning, preferred equity often gets paid a fixed rate of return (like debt) but can also still earn tax and depreciation benefits (like equity).

One of the long term consequences of widespread aggressive rent control has been to concentrate large populations of low income renters into high cost areas. 

Its like the guy who charges 10k to join and you have to split profits up to 500k.. all people focus on is the 500k and the 250k they are going to make which of course is rare to the extreme. the guru makes his money on the 10k and could care less about the trailing income.